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Too much house too soon???

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  • #46
    wrong thread

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    • #47







      Man, this thread has given me a better perspective. A few days ago I was upset because our property taxes went UP to $5500. $5500!, I thought. How could they do that?! The fair market value is about $400k according to the county which is actually pretty fair. I’m still going to contest it…because, you know, I always do. But, I guess I won’t feel as bad when they deny me.
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      i always get denied when I contest.  you got any tips?

       
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      Ha! My success rate is 0%, too! I try to get a spreadsheet together with comps and then try to debate why those houses are nicer than mine. They're usually not having any of it.

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      • #48
        The general principle is that states gather their revenue either through sales, property, or income taxes.  Pick your toxin. In Illinois, we pay national  peak property taxes.   However, most would be surprised to learn that we pay only a flat  3.75% income taxes on unlimited income. Qualified retirement income is not taxed at all.  Until 5 years ago, we paid only 3% income taxes on unlimited income.

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        • #49
          I feel location lucky.  Property tax $1600.  3200 sq feet.  In this area typical doctor home 6000sq feet.

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          • #50




            The general principle is that states gather their revenue either through sales, property, or income taxes.
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            I love your use of the phrase "or".  As a Californian, we have sales tax of 8+%, income taxes of 9.3 to 13.3%, and a somewhat low property tax rate of 1 to 1.3% against absurdly high property valuations in most metro areas.

            I'm enough of a fan of small government to think that any one of these three revenue streams should be sufficient to fund all legally necessary functions of state and local government.  With two out of three you should be able to cover necessary functions plus a fair bit of handouts, largesse, inefficiency, and corruption.  It's stunning that we have all three sources of income at these high rates and still struggle to provide decent schools, police, fire, and roads without running massive budget deficits.

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            • #51







              The general principle is that states gather their revenue either through sales, property, or income taxes.
              Click to expand…


              I love your use of the phrase “or”.  As a Californian, we have sales tax of 8+%, income taxes of 9.3 to 13.3%, and a somewhat low property tax rate of 1 to 1.3% against absurdly high property valuations in most metro areas.

              I’m enough of a fan of small government to think that any one of these three revenue streams should be sufficient to fund all legally necessary functions of state and local government.  With two out of three you should be able to cover necessary functions plus a fair bit of handouts, largesse, inefficiency, and corruption.  It’s stunning that we have all three sources of income at these high rates and still struggle to provide decent schools, police, fire, and roads without running massive budget deficits.
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              But those services have amazing benefits and pensions, overall pay is good as well. That and maybe the largesse, corruption and inefficiency is higher with all the cash swirling around.

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              • #52







                The general principle is that states gather their revenue either through sales, property, or income taxes.
                Click to expand…


                I love your use of the phrase “or”.  As a Californian, we have sales tax of 8+%, income taxes of 9.3 to 13.3%, and a somewhat low property tax rate of 1 to 1.3% against absurdly high property valuations in most metro areas.

                I’m enough of a fan of small government to think that any one of these three revenue streams should be sufficient to fund all legally necessary functions of state and local government.  With two out of three you should be able to cover necessary functions plus a fair bit of handouts, largesse, inefficiency, and corruption.  It’s stunning that we have all three sources of income at these high rates and still struggle to provide decent schools, police, fire, and roads without running massive budget deficits.
                Click to expand...


                Alaska is the only state with no income or sales tax, and their property tax is about the same.  Never been to Alaska, but makes you wonder how they can make it work and so many other states impose medium to high rates on all three.

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                • #53
                  @Lithium,   does not Alaska tax oil and gas production?  So, that would be a fourth line of revenue, a state tax on natural resources such as wind, oil, minerals. With oil prices low, Alaskans has considered imposing an income tax.

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